Car Loan EMI Calculator

Find the monthly EMI on your new or used car loan and see what the car really costs once interest is included.

Updated September 2026

₹
₹
%
years
Monthly EMI—
Loan amount
—
Total interest
—
Total payable
—
Down payment
—
Total cost of car
—

Year-wise schedule assumes the loan starts at the beginning of the year. Actual EMI may differ slightly by lender rounding.

How to use the car loan EMI calculator

Enter the on-road price (ex-showroom price plus registration, insurance and other charges), the down payment you plan to make, the interest rate and the tenure. The calculator works out the loan amount, EMI, total interest and the total cost of the car, which is the down payment plus every EMI you will pay.

Loan amount = On-road price − Down payment EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) Total cost = Down payment + (EMI × n)

Example

A car costing ₹10 lakh on-road with ₹2 lakh down leaves an ₹8 lakh loan. At 9.25% for 5 years the EMI is about ₹16,704. You pay roughly ₹2.02 lakh in interest, so the car costs you about ₹12.02 lakh in total.

Tips before you take a car loan

  • Many lenders finance only the ex-showroom price or a percentage of the on-road price, so check what is covered.
  • Compare the flat rate quoted by some dealers with the reducing-balance rate. A 5% flat rate is roughly 9% or more on a reducing balance.
  • Keep the tenure short. Cars lose value quickly, and a 7-year loan can leave you owing more than the car is worth.
  • Ask about foreclosure charges if you plan to repay early.

Frequently asked questions

What is a typical car loan interest rate in India?

Rates depend on the lender, your credit score and whether the car is new or used. New-car loans from banks are generally cheaper than used-car loans and dealer-arranged NBFC loans. Always compare the reducing-balance rate.

What is the maximum tenure for a car loan?

Most lenders offer up to 7 years for new cars and shorter tenures for used cars. A shorter tenure means a higher EMI but much less interest.

Is the EMI fixed for the whole tenure?

For a fixed-rate loan, yes. Most Indian home loans are floating-rate and linked to the repo rate (EBLR), so when the rate changes the bank usually changes the tenure first and the EMI only if you ask or the tenure limit is reached.

Results are estimates for information only and are not financial, tax or investment advice. Rates and rules change, so confirm figures with your bank, employer or a qualified professional before making decisions.

Related tools

EMI CalculatorMonthly instalment, total interest and year-wise schedule for any loan.Fuel Cost CalculatorTrip fuel cost, litres needed and cost per km and per person.Personal Loan EMI CalculatorEMI plus processing fee, GST and the effective annual cost of the loan.Home Loan EMI CalculatorHome loan EMI from property value and down payment, plus EMI-to-income check.IFSC Code FinderFind any branch IFSC by bank, state, district and branch, or look up a code.SIP CalculatorFuture value of monthly SIPs or lumpsum investments, with annual step-up.